中小股东诉讼对同行业公司融资约束的溢出效应

The Spillover Effect of Minority Shareholders’ Litigation onFinancing Constraints of Peer Companies

诉讼是中小股东维护自身合法权益的重要手段,研究中小股东诉讼的影响对推动资本市场高质量发展具有重要意义。本文以2017—2022年中国A股上市公司为研究对象,从融资约束角度考察中小股东诉讼对同行业公司的影响。研究发现,中小股东诉讼加剧了同行业公司的融资约束程度,呈现溢出效应,且该效应初步表现为传染效应。异质性检验发现,在低会计信息透明度、高行业风险、新《证券法》适用后,中小股东诉讼的传染效应更显著,但被诉公司与同行业公司的距离会削弱中小股东诉讼的传染效应。机制检验发现,股价崩盘风险是中小股东诉讼影响同行业公司融资约束的途径之一。本文不仅丰富了中小股东诉讼溢出效应方面的研究,而且为上市公司关注同行业公司外溢风险提供了直接证据。

Litigation is an important means for minority shareholders to safeguard their legitimate rights and interests.Research on the impact of minority shareholders’litigation is of great significance in promoting the high-quality development of the capital market.Taking China’s A-share listed companies from 2017 to 2022 as the research object,the paper examines the impact of minority shareholders’litigation on peer firms from the perspective of financing constraints.The research finds that minority shareholders’litigation exacerbates the degree of financing constraints of peer companies,exhibiting a spillover effect.This effect is initially manifested as a contagion effect.Heterogeneity tests show that the contagion effect of minority shareholders’litigation is more significant for firms with low accounting information transparency,high industry risk,and after the application of the new Securities Law.However,the distance between the sued company and peer companies weakens the contagion effect of minority shareholders’litigation.The mechanism test reveals that the stock price crash risk is one of the ways through which minority shareholders’litigation affects the financing constraint of peer companies.This paper not only enriches the research on the spillover effect of minority shareholders’litigation but also provides direct evidence for listed companies paying attention to the spillover risk of peer companies.